Marketwatch North America

Daily Insights
May 17, 2024

The U.S. Dollar Index is +0.17% today, building on yesterday’s 0.11% gain that came after touching a 6-week low at 104.08. The dollar remains in a 4-week downtrend with support at 104.50 and lower at 104.00 preventing further losses. Friday trading and sparse activity on the economic calendar have limited volatility.

Today’s primary dollar gains against the G10 are +0.25% vs. CHF and +0.24% vs. JPY. Standout dollar losses against the majors include a 0.30% drop vs. BRL and a 0.25% drop vs. MXN.

This week’s PPI and CPI data leave the yield curve lower, most notably in the far tenors which are down an average of 0.10% compared to last Friday. The 10-year is -0.098% for the week.

Gold is completing its 2nd consecutive weekly advance, +1.06% today, +1.76% this week, and +4.35% over two weeks. A close today above $2,390.45 will mark an all-time record high.

Fed President Jerome Powell is scheduled to deliver a commencement speech this weekend, and while he is unlikely to specifically address the Fed’s rate policy outlook, his remarks will be closely watched nonetheless.

Economic Calendar

CAD - Foreign Securities Purchases
CNY - New Home Prices m/m
USD - CB Leading Index m/m
USD - FOMC Member Waller Speaks
USD - FOMC Member Daly Speaks
CNY - Industrial Production y/y
CNY - Retail Sales y/y
CNY - Fixed Asset Investment ytd/y
CNY - NBS Press Conference
CNY - Unemployment Rate
GBP - MPC Member Mann Speaks
EUR - Final Core CPI y/y
EUR - Final CPI y/y

Market Indicators

Currency Pairs
Pair High Low
usd/jpy 155.976 155.347
eur/usd 1.08687 1.08355
gbp/usd 1.26809 1.26447
aud/usd 0.66834 0.66486
usd/cad 1.36435 1.36128
eur/gbp 0.85802 0.85622
usd/mxn 16.7167 16.6433
Equities and Commodities
S&P 500 5298.03
NASDAQ 18554.6
DOW 39902.4
GOLD 2402.37
SILVER 30.51

This document is for information purposes only and does not constitute any recommendation or solicitation to any person to enter into any transaction or adopt any trading strategy, nor does it constitute any prediction of likely future movements in exchange rates or prices or any representation that any such future movements will not exceed those shown on any illustration. All exchange rates and figures appearing are for illustrative purposes only. You are advised to make your own independent judgment with respect to any matter contained herein.